U.S. equity futures were flat in premarket trading Tuesday following Monday's late-day sell off. Stocks teetered around flat for most of the day Monday but sold off into the close on fears that a fiscal cliff deal is still a long ways away. Also, the weak reading of the ISM manufacturing index Monday spooked investors and hurt risk appetite.

In other news, the Reserve Bank of Australia cut its benchmark interest rate to 3.00% from 3.25%, as expected. The Bank cited increasing downside risks to the global economy and expected increases in domestic unemployment as key reasons for the cut.

German Finance Minister Wolfgang Schaeuble spoke overnight on the Banking Union and said that it would be difficult for the German Parliament to pass a bill allowing the European Central Bank complete oversight over all banks. Rather, he believes that the ECB should choose select banks to oversee.

European finance ministers aim to finalize the remaining details on the new Greek aid package by next week and are optimistic that the Greek debt buyback will work.

• S&P 500 futures were flat at 1,407.1.
• The EUR/USD was higher at 1.3074.
• Spanish 10-year government bond yields fell to 5.233%, the lowest since March.
• Italian 10-year government bond yields fell to 4.416%, the lowest level since lat 2010.
• Gold fell 0.79% to $1,707.50 per ounce.

• For more of Benzinga's Top News stories, click here!

Commodities

Commodities were mostly lower in premarket trade as fiscal cliff and global growth fears off-set optimism over the Greek buyback deal and monetary stimulus in Australia. WTI crude futures were flat at $89.10 per barrel and Brent crude futures fell 0.3% to $110.59 per barrel. Copper futures rose 0.25% to $366.10 per pound following the RBA rate cut and in spite of fears that Chinese growth will not be able to absorb the amount of new inventory coming online in the next few years. Gold was lower and silver futures fell 1.17% to $33.37 per ounce.

Currencies

Currency markets were fairly quiet overnight except for the Aussie dollar which reacted to the RBA rate cut. The EUR/USD was slightly higher at 1.3074, up from the close of 1.3053, and the dollar fell against the yen to 81.97. Overall, the Dollar Index fell 0.18% to 79.74 on weakness against the euro, the yen, and the Swedish krone. In addition, the Aussie dollar rallied following the RBA rate cut with the AUD/USD rising 0.45% and the EUR/AUD falling 0.29% to 1.2489.

Premarket ,overs

• U.S. Steel (X) shares rose 0.51% in the premarket as hopes of increased steel demand in China buoyed the stock.
• Oracle (ORCL) shares fell 0.68% after the company announced that it would be combining three quarters of dividends into one dividend to be paid this month to avoid the dividend tax hikes in the new year.
• Carnival (CCL) shares fell 0.47% premarket after the company announced that it is to go ex-dividend tomorrow, December 5.

Earnings

• AutoZone (AZO) is expected to report first quarter earnings per share of $5.39 vs. $4.68 a year ago.
• Bank of Montreal (BMO) is expected to report fourth quarter earnings per share of $1.43 vs. $1.27 a year ago.
• Big Lots (BIG) is expected to report a third quarter loss of $0.24 vs. a profit of $0.06 a year ago.
• Pandora (P) is expected to report earnings per share of $0.01 vs. $0.02 a year ago.

Economics

There is not much on the economics calendar Tuesday, despite this week being a rather full economic week. Same-store sales and the Redbook are expected to be released, and the Treasury is expected to sell four-week bills. Lastly, Fed Governor Daniel Tarullo is expected to speak at the Brookings Institution on financial regulation.

More from Benzinga:

• Earnings
• Upgrades/Downgrades
• Trading Ideas